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IWX vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWX vs. TLT

Last updated Jun 4, 2026

IWX (iShares Russell Top 200 Value ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IWX is a Large Cap Value Equities fund tracking the Russell Top 200 Value Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, IWX returned 11.66%/yr vs -1.66%/yr for TLT. At a correlation of -0.28, they often move in opposite directions. IWX charges 0.20%/yr vs 0.15%/yr for TLT.

Performance

IWX vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Value ETF (IWX) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWX achieves a 13.79% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, IWX has outperformed TLT with an annualized return of 11.66%, while TLT has yielded a comparatively lower -1.66% annualized return.

IWX

1D
0.01%
1M
4.49%
YTD
13.79%
6M
14.63%
1Y
28.65%
3Y*
18.86%
5Y*
11.06%
10Y*
11.66%

TLT

1D
-0.40%
1M
0.81%
YTD
-0.27%
6M
-2.02%
1Y
4.93%
3Y*
-1.80%
5Y*
-6.31%
10Y*
-1.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWX vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWX
iShares Russell Top 200 Value ETF		13.79%18.23%14.89%10.45%-5.33%23.33%1.46%25.82%-6.53%14.05%
TLT
iShares 20+ Year Treasury Bond ETF		-0.27%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%

Correlation

The correlation between IWX and TLT is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.22

Correlation (3Y)
Calculated over the trailing 3-year period

0.20

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

-0.13

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2009

-0.28

The correlation between IWX and TLT shifts across timeframes, from -0.28 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Russell Top 200 Value ETF

iShares 20+ Year Treasury Bond ETF

Often compared with IWX:
IWX vs. IWNIWX vs. IWYIWX vs. IWCIWX vs. IWFIWX vs. XLPIWX vs. QQQIWX vs. SPYV
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

IWX vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWX
IWX Risk / Return Rank: 8585
Overall Rank
IWX Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
IWX Sortino Ratio Rank: 8888
Sortino Ratio Rank
IWX Omega Ratio Rank: 8585
Omega Ratio Rank
IWX Calmar Ratio Rank: 8282
Calmar Ratio Rank
IWX Martin Ratio Rank: 8787
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IWX vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Value ETF (IWX) and iShares 20+ Year Treasury Bond ETF (TLT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

IWXTLTDifference
Sharpe ratioReturn per unit of total volatility
2.87
0.51

+2.37

Sortino ratioReturn per unit of downside risk
4.06
0.80

+3.26

Omega ratioGain probability vs. loss probability

1.52

1.09

+0.43

Calmar ratioReturn relative to maximum drawdown

4.37

0.65

+3.71

Martin ratioReturn relative to average drawdown

18.76

1.63

+17.14

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWX vs. TLT - Sharpe Ratio Comparison

The current IWX Sharpe Ratio is 2.87, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of IWX and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IWXTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.87

0.51

+2.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.80

-0.40

+1.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

-0.11

+0.82

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

0.26

+0.45

Drawdowns

IWX vs. TLT - Drawdown Comparison

The maximum IWX drawdown since its inception was -35.76%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IWX and TLT.

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Drawdown Indicators

IWXTLTDifference

Max Drawdown

Largest peak-to-trough decline

-35.76%

-48.35%

+12.59%

Max Drawdown (1Y)

Largest decline over 1 year

-6.59%

-7.58%

+0.99%

Max Drawdown (3Y)

Largest decline over 3 years

-13.37%

-19.18%

+5.81%

Max Drawdown (5Y)

Largest decline over 5 years

-18.13%

-43.70%

+25.57%

Max Drawdown (10Y)

Largest decline over 10 years

-35.76%

-48.35%

+12.59%

Current Drawdown

Current decline from peak

0.00%

-40.44%

+40.44%

Average Drawdown

Average peak-to-trough decline

-3.82%

-13.82%

+10.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.53%

3.04%

-1.51%

Volatility

IWX vs. TLT - Volatility Comparison

iShares Russell Top 200 Value ETF (IWX) and iShares 20+ Year Treasury Bond ETF (TLT) have volatilities of 2.83% and 2.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWXTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.83%

2.76%

+0.07%

Volatility (6M)

Calculated over the trailing 6-month period

7.66%

6.50%

+1.16%

Volatility (1Y)

Calculated over the trailing 1-year period

10.02%

9.77%

+0.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.85%

15.87%

-2.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.51%

14.91%

+1.60%

IWX vs. TLT - Expense Ratio Comparison

IWX has a 0.20% expense ratio, which is higher than TLT's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IWX vs. TLT - Dividend Comparison

IWX's dividend yield for the trailing twelve months is around 1.48%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
IWX
iShares Russell Top 200 Value ETF		1.48%1.59%1.97%2.13%2.07%1.79%2.12%2.60%2.66%2.12%2.22%2.77%
TLT
iShares 20+ Year Treasury Bond ETF		4.59%4.43%4.30%3.38%2.67%1.50%1.50%2.27%2.63%2.43%2.60%2.61%

Frequently Asked Questions

IWX and TLT have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWX has higher volatility (2.83%) compared to TLT (2.76%). In terms of maximum drawdown, IWX dropped -35.76% vs TLT's -48.35%.

On 10-year performance, IWX leads with 11.66% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWX has performed better with a 11.66% return vs -1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TLT is cheaper with a 0.15% expense ratio, compared with 0.20% for IWX.

TLT has the higher dividend yield at 4.59%, compared with 1.48% for IWX.

IWX is categorized as Large Cap Value Equities, while TLT is Government Bonds. IWX tracks Russell Top 200 Value Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.20% for IWX and 0.15% for TLT.

IWX currently has the higher Sharpe Ratio (2.87 vs 0.51), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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